DEEPLY AFFORDABLE HOUSING
Deeply Affordable Housing fills a devastating gap in the spectrum of housing
Deeply affordable housing is a new concept
WE'RE CREATING THE FIELD IN CONNECTICUT
Affordable housing targets people who earn 50% to 60% of the Area Median Income. Deeply affordable housing targets people earning just 25%-35% of Area Median Income.
The difference is important.
Our Area Median Income is so high that a family of four can earn between $71,400 - $85,680 and still qualify for affordable housing in Stamford. That's far beyond what our clients make or can even hope to make. Without deeply affordable housing the odds of them exiting homeless are almost insurmountable.
Deeply affordable housing is the answer.
Even more impressive: our deeply affordable housing facilities are self-sustaining: they break even and do not require ongoing subsidies.
24 & 26 Woodland
We began our effort to create deeply affordable housing modestly. We purchased two small buildings at 24 & 26 Woodland Place and renovated them.
Together, the two buildings have seven two-bedroom and two three-bedroom apartments. They provide housing to 27 men, women and children at rent levels they can afford. Each apartment has two or three bedrooms, a kitchen, bathrooms, and a living area.
Our vision for deeply affordable housing started small, but is getting bigger. . . .
In partnership with Charter Oak Communities, Inspirica has responded to a growing demand for affordable housing for seniors.
Summer Place features 48 units of deeply affordable housing for adults aged 55 and above. The building has 40 one-bedroom apartments and 8 studio apartments in a five-story building.
Located in the heart of downtown Stamford, Summer Place offers seniors access to our Franklin Commons campus which is home to a wide array of services, including a health center and dental clinic. The building’s proximity to our Family Housing Program, Jumpstart Career Services Program, and Early Childhood & Parenting Program provides an opportunity for our seniors next door to become active as a “Senior Corps” group of volunteers.
72 Franklin Street
On October 23, 2017, we broke ground on 72 Franklin, our latest deeply affordable housing development.
When completed, this 47,000-square-foot building located in the heart of downtown Stamford will provide deeply affordable housing to approximately 125 people. Consisting of 26 studio apartments, 17 two-bedroom apartments and 10 three-bedroom apartments, it will further include a pre-school with six classrooms that will provide critical early childhood education to 48 infants and toddlers ages 0-3. Rents are expected to be approximately $470 for studios, $700 for two-bedroom apartments, and $830 for three-bedroom apartments – only one quarter to one third of the market rate. Despite these low rents, the building will not require any operating government subsidies – and will still break even from Day 1.
72 Franklin Street is the first building of its kind to be built in the nation. It is innovative on many levels. It is designed to serve families (the fastest group falling into homelessness), it has onsite day care (a critical factors for families that can barely make ends meet), and it’s a tri-sector partnership (including the not-for-profit sector, private sector and government).
72 Franklin Street could make Stamford the first major city in the nation to end family homelessness, far ahead of the 2020 federal and state goal.